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Mettis Global News
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Crescent Steel temporarily shuts down Cotton Division Plant

VIS maintains entity ratings of CSAP
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March 31, 2023 (MLN): The management of Crescent Steel & Allied Products Limited (PSX: CSAP) has decided to shut down the Cotton Division Plant operations temporarily with immediate effect till further notice.

The company attributed this shutdown to the current economic situation prevailing in the country, shortage of raw cotton, withdrawal of Zero Rate Industry status and reduction in demand for the company's products.

However, the steel division will remain operative.

The company has stated that any further updates on this matter will be communicated in due course.

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Posted on: 2023-03-31T11:35:18+05:00